To provide transparency on our progress we decided to provide a bi-weekly update on the LICX progress. Here is what we accomplished in the third sprint of LICX development.
Summary
LICX is a token that represents staked ICX this way users can transfer ICX to another wallet while still receiving the rewards for staking. This week we have focused on finishing open tasks and documentation. You can read the previous bi-weekly update here.
Tasks that we have completed in this sprint:
- Testing batches for automatic reward distribution
- Writing FAQ and Technical documentation
- Implementing the transfer function
Testing batches for automatic reward distribution
To improve the user experience of using LICX we want to implement automatic reward distribution in our MVP. To get more insight into how the transaction fees affect the rewards and determining the correct batch size to not clog up the network, we had to do testing with various batch sizes.
Writing FAQ and Technical documentation
To provide general information about the project and the web application we have created an FAQ. Technical documentation provides information about smart contracts and how the project works in general so users can verify its integrity.
Implementing the transfer function
While users are able to interact with the deployed SCORE or add LICX token to their ICONex wallet by using the “add token” function, we want the users to be able to do the basic functions through our web application as well. That is why we have implemented a transfer function into our web application.
What’s next?
After each bi-weekly sprint, we also discuss what the next steps should be. We will be reporting them in the reports as well so that the community can follow what we intend to accomplish.
Automatic distribution of the rewards
Distribution of the rewards is one of the last functionalities left to be implemented. We decided to go with the automatic distribution of rewards, users will receive LICX equal to the amount of rewards generated by their deposited ICX and the ICX generated will be automatically restaked.
Show the unstaking period
Reward distribution is being tested to provide the least amount of delay for users when receiving rewards as well as how they impact the initial distribution of LICX when a user wants to swap ICX with it.
Add FAQ and Technical documentation
We will add an FAQ and Technical documentation to the web application on a separate page but easily accessible through the website.
If you have any questions join our telegram group we will gladly answer them.
